Centerbridge will pay $51.50 a share, 30% above the Monday’s market close for P.F. Chang’s shares. The transaction is expected to close later this year, if Centerbridge can acquire 83% of outstanding shares. P.F. Chang’s can explore competing offers until May 31.

P.F. Chang’s shares soared almost 30% in Tuesday trading to just over $51.

First-quarter profits at P.F. Chang’s fell 41% to $6.3 million, down from $10.6 million last year, while same-store sales slipped 0.6%.